Dell warned on Friday that it would be dangerous to take on a lot of debt and remain a public company given its worsening profit outlook, in a sign that it views proposals from Blackstone Group and billionaire investor Carl Icahn as fraught with risk.

A special committee of Dell board is evaluating separate takeover proposals from Blackstone and billionaire investor Carl Icahn to decide whether either or both are likely to trump an existing $24.4 billion take-private deal.